Would winning the lottery solve all your problems?

Every year Americans spend $7 billion on movie tickets, $16 billion on sporting events, $24 billion on books… and $62 billion on lottery tickets. More than half of all American adults play the lottery making it, by far, the most popular form of paid entertainment in the country.

Odds you believe your best shot at getting rich is winning the lottery: 1 in 5.

Odds you will actually hit the jackpot in a Powerball lottery: 1 in 195,249,054.

People have a lot of irrational beliefs when it comes to the lottery. Many believe if they give a lottery ticket away it’s more likely to win.

1) Much of happiness exists outside of objective life circumstances. Attitude and perspective mean a lot more than actual events.

2) We’re prone to a contrast effect. Events in our lives don’t have set values; they’re compared to other events. Winning the lottery is such a big deal it actually makes every other good thing in the winner’s life less enjoyable.

3) We’re also prone to habituation. Simply put, we can get accustomed to nearly anything, no matter how good or bad. After time, a wheelchair doesn’t seem so bad — and a million dollars doesn’t seem as good.

The problem isn’t with them, it’s with us. We’re falling prey to what’s called a “focusing illusion.” All we’re thinking about is money and living standards and not the other factors that are often more responsible for happiness than we give them credit for: religion/meaning, family, marriage and friends.

Can you tell me the best way to play the lottery or not, Eric?

So back to the lottery. Can research give you any help on the best way to play the lottery? Actually, yes.